OPEC’s strategy to balance the oil market and bolster prices is facing its biggest test. The producer group is aiming to revamp the market by eroding a crude inventory surplus that’s depressed prices since 2014. A deal to cut output announced at the end of November, intended as a catalyst for trimming global stockpiles, had the side-effect of triggering a surge in U.S. production and a jump in the nation’s inventories to an all-time high. That’s prompted crude to give up a chunk of its post-deal gains. With the focus now shifting to what the Organization of Petroleum Exporting Countries will do next, here are six charts indicating which way the oil market could be starting to turn. 1. $50 a Barrel Broken WTI and Brent sank by the most in more than a year on Wednesday, with U.S. crude subsequently falling through $50 a barrel for the first […]